First deal - High leverage?
I'm looking into purchasing a commercial lot that is a corner lot on a state highway in a tourist region of NY. The seller is very motivated and willing to finance and I would like to offer what I can afford - 5% down. The property has a very small office building and a couple of manufactured homes on it right now, so its income can cover expenses and mortgage debt as is, but it is being marketed as redevelopment land. The idea would basically be to let it pay for itself until I either find a big box interested in the location (quite a few have built in the area in recent years) or raise money from partners to finance its development into a bigger retail/mixed use space. I expect to have funds available in a year or two to put $100k+ into financing development, as well.
Oh, and it's also not very close to where I live. About 2.5 hour drive.
Being new to real estate - am I getting myself in over my head? I do have a good relationship with the broker, who is an experienced commercial developer and offered to help me with property and project management after I purchase.
Tips, encouragement and/or warnings of doom would be appreciated ;-)